In a recent webcast, speakers from Kroll, a division of Duff & Phelps, and the Institute of Internal Auditors (India) discussed the findings from a recent global IIA/Kroll fraud risk survey. The findings included observations on the effectiveness of fraud risk management programs and the role of internal audit in fraud risk management.
The speakers threw light on the role of internal audit teams as the first line of defense against fraud and how despite not having the necessary resources to combat fraud effectively, they can help mitigate the chances of fraud and create fear in the minds of potential perpetrators. Additionally, the speakers also shared insights on how strong documented processes and policies, maker/checker concept and frequent interactions/interviews with employees can be good practices to uncover frauds within a company.
The discussion covered the following topics:
- Is the role of internal audit in fraud risk management changing around the world?
- In the heightened risk environment, how should the internal audit function raise the bar and respond?
- What’s the role of internal audit in fraud risk management?
Watch the webcast replay here.
